Merkel Pledges 1 Billion Euros to Fund Indian Solar Projects

Germany pledged an investment of over 1 billion euros ($1.1 billion) in Indian solar power projects as Asia’s third-largest economy looks to reduce its dependence on fossil fuels.

That’s in addition to more than 1 billion euros for a green-corridor project in India, Prime Minister Narendra Modi said at a joint briefing with Chancellor Angela Merkel in New Delhi on Monday. Modi’s government estimates India needs at least $2.5 trillion by 2030 to cap pollution.

"This is an area where we have convergence of views and rapidly growing cooperation," Modi said. "We look forward to a concrete outcome at COP21 in Paris that strengthens the commitment and ability of the world, especially of poor and vulnerable countries to transition to a more sustainable growth path."

In a meeting between the two leaders later Monday, Modi asked Merkel to help overturn European Union bans on 700 GVK Biosciences generic drugs.

The two leaders also indicated a desire to revive India-EU free-trade-area talks.

The pair also expressed concern about the renewed violence in Afghanistan, with the Taliban looking to regain control as foreign forces leave. Kunduz province, the scene of fierce fighting in recent days, was primarily the domain of German troops during the NATO mission that ended last year. While India doesn’t have soldiers in Afghanistan, it has helped in rebuilding roads and, most notably, the new parliament building.

"You’ve mentioned our engagement in Afghanistan, where at the moment we have a lot of concern," Merkel said in the joint briefing, addressing Modi. "We want to work together so that Afghanistan’s peaceful development continues, even if we have setbacks."

Giving a thrust on clean energy, Germany today pledged about one billion euros (Rs 7,300 crore) assistance for India's solar projects as part of the bilateral cooperation in energy sector.

The joint statement issued after the meeting of Prime Minister Narendra Modi and German Chancellor Angela Merkel said both the countries will continue to intensify their cooperation in developing climate-friendly and sustainable solutions for India's expanding energy needs.

The implementation of Green Energy Corridors Partnership, with an overall German commitment of 1.15 billion euros in the last two years, is progressing well, it said.

"Both countries welcomed the MoU on an Indo-German solar energy partnership based on concessional loans in the range of one billion euros over the next 5 years," the statement said.

India and Germany recognise that renewable energy and the efficient use of energy are most effective approaches to mitigate greenhouse gas emissions in both the countries, it added.

It further said that Germany welcomes India's intention to transform its energy sector by increasing the share of renewable energy, particularly solar, in electricity generation, consistent with its goal of 175 gigawatts of renewable energy by 2022.

The two sides expressed their readiness to work together to reach an ambitious and universal climate agreement under the Convention, it said.

"They reaffirm that the protocol, another legal instrument or agreed outcome with legal force under the Convention applicable to all parties shall address in a balanced manner, inter alia, mitigation, adaptation, finance, technology development and transfer, and capacity-building, and transparency of action and support," the statement said.

India and Germany also recognise that science, technology and innovation play a crucial role for the development of affordable, accessible and adaptable solutions in the areas of low carbon development and renewable energy generation, it added.

The statement further said that the Indo-German Climate and Renewables Alliance shall intensify cooperation on climate and energy technology issues, including within the already existing fora established for this purpose.

"It shall foster stronger integration of all actors concerned with bilateral cooperation on climate and energy technology issues, and for this purpose will encompass progressive public and private sector entities from both countries," it added.

Both countries, it said, will intensify their ongoing cooperation on climate and renewables technology under the new Indo-German Climate and Renewables Alliance, including on next generation solar technology, renewable energy storage, super-efficient appliances and buildings, energy-efficient rail and water infrastructure and off shore wind.

Both countries affirm that several already established bilateral dialogue structures, such as the Indo-German Energy Forum and the Indo-German High-Technology Partnership Group are already doing important work for the transition to low-carbon economies.

German chancellor Angela Merkel meets Indian Prime Minister Narendra Modi to discuss development of clean energy corridor, with investment in solar power chief on the agenda.

Germany will provide more than €1.5 billion ($1.68 billion) in funding to help India maintain its solar PV development progress following a fruitful meeting on Monday between the leaders of the two nations.

Angela Merkel, the German chancellor, met the Indian Prime Minister Narendra Modi in New Delhi on Monday to discuss closer collaboration between the two nations at an Inter-Governmental Consultations gathering.

The first tranche of funds released by Germany will be €300 million, with a total of €1 billion ($1.12 billion) invested in India’s solar industry within five years, confirmed the German economics ministry. India will also match this level of investment, the ministry said.

Clean energy development was a key topic on the agenda, with Modi labeling Germany a "natural partner" during India’s current economic growth and clean energy revolution.

Modi said: "I admire German leadership for clean energy and commitment to climate change. This is an area where we have convergence of view."

Speaking at a joint press conference, Modi also confirmed that India has set a renewable energy target of 40% by 2030, with solar set to play a leading role in this energy transition.

India is the last leading industrial nation to confirm its energy objectives ahead of the climate change talks in Paris in December, but the ambitious goal – as reported last week by pv magazine – has been well received.

"Though India is not part of the problem, it wants to be part of the solution," said India’s environment minister Prakash Javadekar in a speech at the Major Economies Forum. "Our historical cumulative emission as of today is below 3%. Narendra Modi has also made a strong pitch for a positive agenda to tackle climate change and appealed that ‘the current climate of negativism’ is not a useful factor as we approach COP21 in Paris."

"The developed world must take moral responsibility for the state of the world today," the minister also added.

And its Indian channel. These are same bastard who reduced India on every non issue to be laugh of the world.

I was watching randi tv's Vishnu Som, when Modi was visiting US, He asked American commentator after he made a neutral point on Pakistan. So you think Modi's policy on Pakistan is flawed, he repeated the same again. But then the commentator was sane and seasoned enough unlike Indian bait eaters to fell in trap, gave him answer with different perspective that Vishnu Som couldn't comprehend. I changed the channel after that.